PalmPay Celebrates 4 Years as Agents Overtake Merchants With 1.1 Million Businesses

PalmPay Celebrates 4 Years as Agents Overtake Merchants With 1.1 Million Businesses

  • One of Nigeria's digital payment platforms, PalmPay, is celebrating its fourth anniversary
  • The company said it has about 1.1 million businesses registered under its platform
  • It revealed that it currently boasts 30 million users across Nigeria, with 500,000 agents and 600,000 merchants

One of Nigeria's fintech firms, PalmPay, is marking its fourth anniversary, highlighting its commitment to financial inclusion in Nigeria.

In four years, the company has seen an adoption of its services by customers, propelled mainly by the naira redesign policy of the Central Bank of Nigeria (CBN).

PalmPay, Financial Inclusion
PalmPay says it has processed over a million businesses across Nigeria Credit: @Nairarates
Source: Twitter

PalmPay serves 40 million users in Nigeria

The company said it has tripled its customer base from 10 million users in 2022 to 30 million as of August 2023.

The growth, the firm says, has boosted its innovative services and commitment to bridging the financial divide in Nigeria.

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According to BusinessDay, About 40 million consumers use the company's platform through its app, agents, and merchants for money transfers, bills, and savings.

According to Chike Nwosu, PalmPay's Managing Director, the achievement establishes the company as a reliable platform for conducting business.

"With our achievements, we fully embody our tagline - Finance That Fits Your Life. As we move forward, we are excited about the opportunities ahead and are committed to fostering a future where financial services are accessible to all," Nwosu said.

He cited a 99.5% success rate reliability in payments and processing transactions within 10 seconds.

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The move led the Federal Competition and Consumer Protection Commission (FCCPC) to demand the immediate reversal of the fee hike. It threatened to slam them with a fine for violating its cease-and-desist order.

Following the FCCPC threat, leaders of the agents' association under the aegis of Mobile Money and Banking Agents (AMMBAN) said the rugged business terrain made the fee hike a necessity.


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